Abu Dhabi, 04 May, 2016: UAE participated in the 102 meeting of GCC Financial and Economic Cooperation Committee that took place at the General Secretariat's premises in Riyadh on Tuesday3rd of May 2016. The committee oversees the implementation of economic decisions that are issued by GCC's Supreme Council.

HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs, headed the UAE delegation which included HE Younis Haji Al Khoori, Undersecretary of MoF, HE Khalid Ali Al Bustani, Assistant Undersecretary of International Financial Relations Sector at MoF, HE Saeed Rashid Al Yateem, Assistant Undersecretary of Resources and Budget Sector at MoF, and a number of specialists from MoF, Ministry of Foreign Affairs (MoFA), Ministry of Economy (MoE) and the Federal Customs Authority (FCA).

The 102 meeting of the GCC Financial and Economic Cooperation Committee, witnessed the participation of key financial and economic figures, and discussed a number of topics including:

  • Outcomes of the 64th of the Committee of Governors of GCC Monetary Institutions and Central Banks

  • Outcomes of the second meeting of GCC Tax Officials Committee

  • UAE paper on equal  tax treatment in GCC countries

  • Outcomes of the 13th and 14th meeting for Federal Custom Authority in GCC

  • Outcomes of the 72nd and 73rd meeting of the GCC Customs Union Committee

  • Kuwait's letter on implementing the Supreme Council's decision in its 36th session with regards to amending the minimum fee on tobacco and its derivatives

  • Morocco's plan to develop its Southern province

  • The Statute for the Economic Judicial Authority

  • Outcomes of the 20th and 21st meeting of the Gulf Common Market (GCM) Committee

  • The General Secretariat's memorandum on strengthening economic integration between GCC countries

  • The General Secretariat's memorandum regarding IMF conducting studies on proposed topics in the joint meeting of the Financial and Economic Cooperation Committee, the GCC Governors Committee and to the Managing Director of the IMF

  • The General Secretariat's Memorandum on Food Security Centre for GCC countries  

  • Kuwait's proposal on the World Bank's initiative on building new mechanisms to develop the MENA region

  • Oman's proposal on restructuring the technical committees

  • Proposal on increasing the support for joint sport work and the awards for the sports organisations committees

  • Brief on the Supreme Council's economic and development decisions in its 36th session

  • The General Secretariat's memorandum on studying how to improve incentives and benefits provided to private sector in GCC countries

  • The General Secretariat's Memorandum on the Supreme Council's decisions that member states did not issue implementing decisions

HE Obaid Humaid Al Tayer stressed the important role played by the committee with regards to implementing the GCC's Supreme Council's economic decision and cooperating with GCC General Secretariat committees and teams to achieve GCC's leaderships' goals which gives high priority to GCC citizens.

HE said: "UAE is committed to its role in completing all GCC projects and strengthening cooperation, due to its benefits for the region in light of the international latest economic challenges. These meetings represent a leading platform to discuss and study Gulf economic integration to liberate production movement, eliminate all trade and economic barriers, and coordinate and unify economic policies in order to achieve sustainable economic development for GCC countries."

The GCC Financial and Economic Cooperation Committee's meetings work on aligning all joint Gulf opinions regarding economic and financial elements on both regional and international levels The committee is keen to discuss all factors affecting the Gulf economy and guide specialists to study and identify ways to benefit from them, which in return contributes on developing joint Gulf economic work and enhances investment activity and trade between GCC countries.

HE Younis Haji Al Khoori headed the 50th meeting of the GCC Committee for Undersecretaries of Ministries of Finance. The meeting discussed the proposals of the Committee of Governors of GCC Monetary Institutions and Central Banks, credit information exchange mechanisms, updates on the completion of customs union requirements, and a review of the two accords on VAT and selective tax in the GCC approved by the Supreme Council proposed in its 36th session- to complete all necessary requirements for final approval no later than mid-year 2016 to present it to the GCC Financial and Economic Cooperation Committee.

MoF has raised 20 proposals to the General Secretariat of the Cooperation Council of the Arab State of the Gulf with regards to strengthening   the Gulf economic integration, whereby the Secretariat adopted most of them. MoF team will continue to work on all inquiries related to implementing GCM principles and achieving equality among GCC citizens. In 2015, MoF handled 57 inquiries and suggestions with regards to GCM, which were presented under 17 items in relevant meetings.

MoF had built the "GCC Takamul" system, the first of its kind electronic gateway to manage complaints, inquiries and proposals submitted by GCC nationals on implementing equality measures in GCM areas. The system includes several statistical statements and reports, as well as information and highlighted areas for Gulf investors.

-Ends-

For more information:
Mary Khamasmieh/ Mirna Hammoud / Mira Assaf                     
Weber Shandwick
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© Press Release 2016